( 1 ) RULE. Mr. S. N. Shelat, Sr. counsel appears and waives service of rule on behalf of respondent. With the consent of the learned counsel for the parties matter is finally heard.

( 2 ) THE present petition arises against the order dated 12. 11. 1999 passed by the Securities and Exchange Board of India (hereinafter referred to as "the SEBI") and its confirmation by the appellate authority as per order, dated 29. 2. 2000.

( 3 ) BRIEF facts of the case are that the petitioner is a Public limited company and the respondent is SEBI constituted under the provisions of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as "the Act" ). In the year 1995, a public issue was floated by the petitioner-Company wherein the prospectus was filed on 22. 3. 95 and the issue came to be opened on 20. 4. 95 and closed on 24. 4. 95 and the allotment of shares came to be made on 26. 5. 95. On 25. 7. 97 the SEBI issued show cause notice in exercise of powers under section 11b of the Act to Managing Director of the petitioner Company to show cause as to why the direction should not be issued under section 11 of the Act to refund the issue proceeds as minimum subsc